North Korea has organized a number of Scam-ICO to bypass sanctions

North Korea uses cryptocurrencies and cryptocurrency fraudulent scheme to bypass international sanctions, as it became known in the result of the study Recorded Future.

Researchers from cybersecurity company Recorded Future report on the use of North Korea cryptocurrency pyramid and fraudulent schemes to steal funds and their further use by the authorities. The researchers claim that at least 2 of the scum-of the project, implemented in Singapore in 2018, have a North Korean trace.

One of the fraudulent projects North Korea is associated with the cryptocurrency “Hold”, which was first added, and then removed from listing many kryptomere Singapore to 2018, after which the project had made a rebranding and changed its name to “huzu”. The authors of the report argue that the organization is a Scam is “North Korea’s elite”, and all investors of the project “was just robbed”.

The second Scam, which the researchers were able to track was called ICO Marine Chain Platform:

“We came across the discussion of Marine Chain on several cryptocurrency forums in August 2018. Patterns of Internet use by the organizers of the ICO was taken on the trail from North Korea”.

Extensive investigation in relation to Marine Chain indicates a “high probability” that the project was actually a Scam with the goal of bringing cryptocurrency funds to North Korea.

Earlier, in September, experts from Washington also said about the capacity of North Korea cryptocurrency resources for the evasion of sanctions by the US. Experts say that North Korea has successfully applied and actively trades the cryptocurrency, while also trying to create a national cryptocurrency due to existing restrictions imposed by Fiat on the country’s assets and their turnover.

Previously, hackers from North Korea was accused of hacking South Korean exchanges. So, the assurance company FireEye, specializing in cyber security, from may 2017, North Korea attempted to attack at least three South Korean trading platform. Later, representatives of the intelligence Agency of South Korea has accused North Korean authorities in the theft of cryptocurrency for a few billion won and the ongoing hacking attempts of the exchanges.